Crypto Analyst Predicts 800% Rally To $6,000 For BNB, Here’s The Timeline
BNB has been one of the best performers coming out of the long and drawn-out bear market of 2022. Even now, the altcoin continues to show a lot of strength, suggesting that its run is far from over. According to one cryp...
BNB has been one of the best performers coming out of the long and drawn-out bear market of 2022. Even now, the altcoin continues to show a lot of strength, suggesting that its run is far from over. According to one crypto analyst, this expected run for the BNB price could last longer and drive the price higher than expected, predicting an over 800% increase in price from here.
BNB Showing Strength On The Monthly ChartA pseudonymous crypt analyst who goes by the moniker Without Worries on the TradingView website has shared an interesting outlook for the BNB price. The analysis uses the BNB monthly chart, showing that the altcoin remains bullish even after rallying over 150% in the last year already.
Without Worries points out that the BNB price action looks to be in a legacy uptrend channel. Now, channels like these are rare because it means that the altcoin has been in this uptrend channel since it launched. To put this in perspective, the crypto analyst points out that altcoins like Litecoin is one of the ones which has failed to maintain a legacy uptrend channel.
Furthermore, the analyst points out that the BNB price is currently seeing its third test of resistance at the time that the initial analysis was posted, which was on June 3. This third resistance test comes after three years of consolidation. However, this time around, it’s looking more bullish for the altcoin following the resistance test.
One major factor driving the bullishness around BNB is the fact that the Stochastic RSI had crossed above 80. This is important because the last time that this had happened was back in May 2020, just before the coin went into a full-blown rally. “This is the same situation as today. Stochastic RSI remains with momentum for 182 days. Should history repeat, momentum continues until August / September,” the analyst stated.
Price Breaks Out Of ResistanceIn a follow-up post, crypto analyst Without Worries revealed that the BNB price has now successfully broken out of the third resistance. Now, going back to the initial analysis, Without Worries points out that such a situation would trigger a massive breakout for the BNB price.
The top of the target for the BNB price is placed at $6,000, which is a more than 800% increase in price from here. “The bull flag pattern confirms a breakout AND support. A measured move from the flagpole of the last resistance breakout takes price action to $6000,” the analyst said.
As for the timeframe for when this will happen, the crypto analyst expects the rally to fully play out sometime in September. This means around 16 weeks or a little less than four months from now. If the analysis is correct, then BNB is just getting started.
Original source
Read on NewsBTCRelated market context
Bitcoin Mining Cost Model Points To $47,000 Floor, But Analysts Urge Caution
TL;DR Crypto Rover says Bitcoin has never bottomed below electrical production cost, currently estimated at $47,000. Mining-cost m...
Tether USDT Briefly Overtakes Ethereum in Market Cap: A $187B Wake-Up Call
For a few hours, earlier this week, Tether USDT stablecoin held a higher market cap than Ethereum, the first time that has happene...
Bitcoin faces one of its biggest mining difficulty drops as miner margins collapse
The Bitcoin network is poised to execute one of the largest downward adjustments to its mining difficulty in its 17-year history t...
Crypto Markets Rally as Dollar Weakens on Fed Rate Cut Bets
Bitcoin tops $70,000 as dollar falls on Fed rate cut expectations. Ethereum, altcoins gain. Institutional inflows surge. Regulator...
Bitcoin price faces new risk as big buyers lose conviction
Bitcoin’s largest buyers are no longer behaving like a reliable backstop for the largest cryptocurrency. The exchange-traded funds...
Elon Musk’s trillionaire status puts his net worth above crypto’s entire market cap outside Bitcoin
Elon Musk has become the first person in modern history to amass a personal net worth exceeding $1 trillion, crossing the historic...